Dortmund and Hans-Joachim Watzke agree on contract extension

BERLIN, Aug. 11 (Xinhua) -- Dortmund and CEO Hans-Joachim Watzke agree on a contract extension ahead of schedule, the "BVB" confirmed in an official statement on Monday.

The "BVB" and Hans-Joachim Watzke extended the current contract, dated until June 2016, until December 2019.

"Hans-Joachim Watzke has done an outstanding job in the past few years. He is the architect of Dortmund' s recent successes. Dortmund is delighted to have such a professional at the top of the management until at least 2019," Dortmund' s president Reinhard Rauball told the clubs official homepage.

Watzke joined the club in 2005 to avoid the insolvency. The 55-year-old CEO was able to quadruple the revenues in eight years. Besides that he was able to reduce liabilities into the millions.

With Watzke the club set the course for the German championship in 2011 and the domestic double in 2012. In addition, Dortmund was able to reach the UEFA Champions League final where they lost to rivals Bayern Munich.

"Dortmund has developed economically in one of the healthiest representatives of the European soccer at the top level. I am convinced that we are yet not at the end of our journey," Watzke said.

Borussia Dortmund completed the last season on second place to ensure a berth at the UEFA Champions League.